SHIB Burn Rate Soars 320% Fueling Optimism

The SHIB burn rate has rocketed 320% recently, sparking optimism in the crypto market. Meanwhile, this development has also fueled speculations

The burn rate of Shiba Inu (CRYPTO: SHIB) has surged by 320% recently, sparking optimism in the crypto market.

According to data from Shibburn, a website that tracks the burning of SHIB tokens, a total of 10.31 million tokens were burnt in the last 24 hours, leading to the surge in the latest burn rate.

Two large transactions, involving the burning of 6.94 million tokens and 3.31 million tokens, respectively, were notably carried out by two addresses.

The burning of SHIB tokens has gained significant attention in recent times. Last week, a total of 1.01 billion SHIB tokens were incinerated, leading to a surge of around 33,000% in the burn rate within a 24-hour period.

This development also sparked speculations among investors about a potential rally in the price of SHIB.

Burning tokens essentially decreases the total supply of the token in the market, which can potentially drive up its value. At the time of writing, a total of 410.73 trillion tokens have been burnt from the initial supply, while the total circulating supply stands at 583.50 trillion.

However, despite the surge in the SHIB burn rate, the token's price experienced a decline of over 8% on Friday. SHIB was trading at $0.00001801 at the last check, with a trading volume that surged by nearly 9% over the past 24 hours, reaching $580.77 million.

The price decline comes as part of a broader downturn momentum observed in the crypto market.

According to a recent SHIB price analysis, the dog-themed meme coin is poised for a triple-digit rally, with projections indicating a potential surge of around 283%.

This analysis further fuels the bullish sentiment in the market, with investors keeping a close watch on the price movements of SHIB.

October and the fourth quarter are often considered bullish periods for Bitcoin and altcoins, setting the stage for potential price rallies.

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